Post Office MIS Interest Rate Hiked : post office (Post Office) The Depository Service has a wide assortment of schemes offering assured returns on investment. These schemes (POMIS) are linked to the benefit of sovereign guarantee, that is, this investment is backed by the government! Hence, these schemes are a safer investment option as compared to equity shares and many fixed income options.
Post Office MIS Interest Rate Hiked
Post Office Monthly Income Scheme like Post Office Savings Account, Post Office Recurring Deposit, Post Office Time Deposit is one of the highest earning schemes with an interest rate of 7.6%! The interest in this scheme, as the name suggests, is disbursed monthly. This scheme, like other post office schemes, is recognized and validated by the Ministry of Finance.
Post Office Monthly Income Scheme (Post Office Monthly Income Scheme) is an investment scheme of the Indian Postal Service! It guarantees 8.5% per annum to the investor as fixed monthly income! Seasoned investors consider POMIS as one of the smartest investment plans to park funds as it gives you three advantages – preserve your capital, earn better returns than debt instruments and a Fixed monthly income is assured!
post office monthly income plan But Current interest rates
The rate of interest is fixed every quarter by the Central Government and the Ministry of Finance and it is based on the returns given by the government. Bondage of the same tenure! POMIS Interest Rate for Q1 FY20-21 (April – June 2020) Is 6.60%! The following are the historical Post Office MIS (Post Office Monthly Income Scheme) interest rates:
|Duration||Interest Rate on Post Office MIS (Annual)|
|1 December 2020 – 30 January 2021||6.60%|
|1 April 2018 – 30 June 2018||7.3%|
|1 January 2018 – 31 March 2018||7.3%|
|1 October 2017 – 31 December 2017||7.5%|
|1 July 2017 – 30 September 2017||7.5%|
|1 April 2017 – 30 June 2017||7.6%|
Features of Post Office Monthly Income Scheme
- low risk: Safe investment that provides guaranteed returns after maturity. The risk-level in this scheme (Post Office Monthly Income Scheme) is almost 0%!
- 5-year lock-in: Comes with a compulsory lock-in period (Post Office) of 5 years! Investors can also invest in the same scheme after the maturity period if they wish!
- Premature Withdrawal: Can be done after paying a penalty fee!
- Regular Payment: Regular payment of interest makes this scheme (POMIS) an attractive investment option for those who want to earn income on a regular basis!
Post Office MIS Interest Rate: Eligibility Criteria for POMIS
POMIS (Post Office Monthly Income Scheme) is designed for riskier investments that do not have a bulk of equity instruments, which hunt for a source of fixed monthly payouts! Ready to make a lifelong investment with the sole aim of getting regular secured income to maintain your regular lifestyle!
NRIs cannot invest in Post Office Monthly Income Scheme (POMIS)! The best thing about this post office savings scheme! That the lower cap on the age of entry is less than 10 years! So, even a minor of 10 years can open a POMIS account in his name! The maximum amount that a minor can invest is Rs.3,00,000!
EPFO Pension Limit: EPFO’s new rule, now after retirement, you will get this much thousand rupees pension, know